Strategic and Other Considerations

Energy Security

While energy security or independence as a concept has existed for many years, the importance of it was highlighted during the energy crisis of 2021 This crisis saw a massive appreciation in the price of natural gas as various gas importing countries bid up limited gas supplies in advance of heating season, which indirectly led the return of coal as a substitute heating/power input in certain areas. Combined with the desire to be less dependent on energy exporters – namely OPEC and Russia, the latter especially after its invasion of Ukraine – many governments have pushed for greater development of nonfossil fuel power. We believe technological innovations are increasingly driving geothermal to be viewed as a viable source of independent energy that can be developed independently, with limited reliance on global supply chains when compared to other renewables such as wind and solar.

“ … technological innovations are increasingly driving geothermal to be viewed as a viable source of independent energy that can be developed independently, with limited reliance on global supply chains when compared to other renewables such as wind and solar.”